Billionaire real estate investor Jeff Greene faced some harsh criticism after reports last week that he said America's lifestyle expectations are far too high and need to be adjusted, but Greene insisted to CNBC Wednesday that he was "completely misquoted."
"What I said was, 'the global equalization of wages and technology, which is growing at an exponential pace, has killed so many millions of jobs in America and other Western economies and it's going to kill them at an even faster pace going forward.' I said, 'we have our work cut out if we want to build a real economy, an inclusive economy that I grew up in, that I want to see for all Americans,'" he said in an interview with "Closing Bell."
The original interview, which appeared in Bloomberg and was conducted at the World Economic Forum in Davos, Switzerland, last week, occurred in a busy, noisy room, Greene said. He was quoted as saying, "America's lifestyle expectations are far too high and need to be adjusted so we have less things and a smaller, better existence.… We need to reinvent our whole system of life."
Greene told CNBC he does not think Americans have to adjust their expectations downward.
A Bloomberg representative told CNBC the company "stands by our reporting."